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JPY initially benefitted from the........>

DOLLAR-YEN: JPY initially benefitted from the softer yuan & then advanced
further around the Tokyo fix, but the yen's advance stopped ahead of/around some
key MA's in the JPY crosses. USD/JPY last trades near enough unchanged just
below Y111.35, after printing a low of Y111.06.
- Monday's high (Y111.54) represents the initial point of resistance, with a
break opening up a move to hourly resistance from July 20 (Y111.90). Initial
support is noted at Monday's low (Y110.74).
- Nearby FX option expiries of note at today's 10AM NY cut: Y112.00($1.78bn)
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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